Financial moves to make before the year ends

10/29/2020

 

With just two months remaining in the year, now is not the time to put your financial matters on autopilot. There are a few important moves to make before the end of the year that most everyone should consider.
 
Are there any moves related to your employee benefits to make?
One is making sure that you reach the maximum for HSA contributions for the year, especially if you know you might have major medical expenses next year. Another move is to make sure that you use all of your FSA or flexible spending account money because it is a use or lose it type of account.
 
What about other moves related to health insurance?
If you have reached your out-of-pocket maximum on health insurance deductibles and still have medical needs try to have any medical procedures completed this calendar year. If they are moved to 2021, you might be responsible for covering more of the cost of those procedures.
 
What moves should those with children be sure to make before the end of the year?
One of the most important is making a contribution to a college choice 529 savings plan. This is one of the best ways to save your college expenses and also receive a tax benefit. The deadline is the last day of the year so don’t delay if you hope to have a tax benefit for this contribution.
 
Are there any other tax moves to make before the end of the year?
If you are going to be using itemized deductions, make sure that you make all charitable donations before the end of the year. Also talk to your tax or investment advisor if you have any investment moves that might benefit you this year.
 
Is there any advice that almost everyone can use for the end of the year?
The last two months of the year are a very important time to automate the monitoring of all your accounts. This includes checking accounts, credit cards, investment accounts and even your children’s accounts. Fraud and scams are on the rise and the more you have alerts and others ways to monitor your account, the better protected you will be from all the possible fraud and scams.

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